Service Bureau Market - Introduction
- A service bureau is type of company that charges for providing services. The term is often used to describe organizations that provide technology-based services to other businesses, such as banks and insurance companies.
- Service bureau helps organizations achieve their objectives, mission, vision, and goals. Expansion of service bureau among enterprises enables the organizations to improve business productivity and achieve multiple short-term goals.
- Introduction of customized IT and managed services around the globe is driving the global service bureau industry. The global IT service sector is witnessing significant expansion due to the growing adoption of supporting services across companies owing to the introduction of software to minimize the time it takes to complete tasks. Therefore, an increase in spending on IT services is projected to drive the demand for service bureau in the near future.
Key Drivers of the Service Bureau Market
- Popularity of cloud computing as a means of delivering value-added IT-enabled business services has been increasing consistently. Customers and end-users use self-service portals to access IT service collection, using and paying for only the services they need. Therefore, it can be concluded that a rise in the demand for cloud computing is a prominent factor that is projected to offer significant opportunity to the service bureau market in the near future.
- Rising focus of organizations on improvement of efficiency and maintenance of transparency is expected to drive the demand for service bureau in the near future. The major benefits of business transparency include improving employee engagement, enhancing decision-making skills, increasing customer loyalty and brand loyalty, and building trust among employees and customers.
- Rising trend of service bureau in various sectors such as IT & telecom, e-commerce, healthcare, is also a major factors that is estimated to fuel the demand for service bureau in the next few years. The service bureau enables a business to send its designs to multiple vendors. This results in increased lead times and enhanced delivery time.
- However, lack of awareness and technical expertise in developing economies is expected to hamper the service bureau market.
Impact of COVID-19 on the Global Service Bureau Market
Rise in COVID-19 cases around the world is causing a global economic slowdown. This pandemic has a major impact on developed countries. Globally, most manufacturing and processing of products has been temporarily halted. In most nations, businesses have suffered as a result of partial or complete lockdown. As a result, the global service bureau industry is predicted to be hampered indirectly.
Low cash flows are anticipated due to a lack of economic activity, further limiting project financing. Companies, on the other hand, are working with tech giants to improve industrial digitalization technologies in order to mitigate the impact of the COVID-19 pandemic on their supply chains and businesses.
North America Accounts for Dominant Share in the Service Bureau Market
- North America holds a notable share of the global service bureau are market. Majority of companies in the U.S. such as 3D SYSTEMS, INC.3DingAltem Technologies (P) Ltd., ARCAM AB, Autodesk, Inc. Additionally, rising adoption of business strategies among tech giants is another factor that is estimated to boost the demand for service bureau in the near future. In 2018, Sysco and Axletree entered into partnership to make swift bureau services. This service enables companies to identify the best route to transfer a parcel from one place to another.
- The service bureau market in Asia Pacific is anticipated to expand at a prominent CAGR during the forecast period. Furthermore, rapid technical innovations, digitalization, and expansion of SMEs are also key factors that drive the demand for service bureau in developing economies.
Key Players Operating in the Global Service Bureau Market
Companies active in providing service bureau are increasingly spending on research and development, which in turn is expected to increase the demand for service bureau in the next few years. The market is diversified with the presence of numerous manufacturers across the globe. Key players operating in the global service bureau market include:
- OSG Record Management
- zLibro, Inc.
- AdminiSMART Inc.
- Altium Service Bureaus
- Servico, Inc.
- Melissa's, LLC
- Plg Global
- Rhenus Office Systems GmbH
- Hyland Software, Inc.
- Kofax, Inc.
Global Service Bureau Market: Research Scope
Global Service Bureau Market, by Component
- Document Scanning
- Others (Printing & Fax)
- Managed Services
- Consulting Services
- Implementation Services
Global Service Bureau Market, by Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
Global Service Bureau Market, by End-user
- Logistics and Transportation
- Media and Entertainment
- IT & Telecom
Global Service Bureau Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Service Software Management
- Software Management
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?